VnLok, a rapidly expanding gaming technology platform, has announced a key leadership change with the departure of Executive Chairman John Lodders, effective immediately. After three pivotal years at the helm, Lodders is stepping down as the company prepares for a new phase of growth, including potential public market entry.
Leadership Transition Plan
As of now, CFO Maria Chen will temporarily assume the responsibilities of the chair while the board conducts a global search for a permanent replacement. The recruitment process, led by executive search firm Spencer Stuart, is expected to conclude by Q3 2024. The company is prioritizing candidates with expertise in Nasdaq IPOs and technology firm governance.
Lodders’ Transformative Impact
Lodders’ tenure from 2021 to 2024 saw major strategic shifts:
- Global Expansion: Successfully entered Sweden, Ontario, and five key Asian jurisdictions
- Capital Growth: Spearheaded a $45 million Series B round, doubling the company’s valuation
- Business Model Evolution: Transitioned from a direct-to-consumer (B2C) model to a scalable B2B technology platform
CEO Daniel Wu praised Lodders’ leadership, stating:
“John built the foundation for our next growth chapter. We now need leadership with IPO experience to take us to the next level.”
Strategic Context and Outlook
The leadership shift comes amid:
- Preparations for a potential 2025 IPO
- Fierce competition in Southeast Asia
- A 78% increase in B2B partner count year-to-date
VnLok recently reported 32% revenue growth in 2023, a 92% client retention rate, and $18 million in Q1 2024 EBITDA.
Lodders will remain as a special advisor through the end of 2024 while focusing on non-executive roles in two European gaming consultancies. This marks another high-profile exit in an increasingly consolidated iGaming sector, as VnLok positions itself for global leadership.
